Permira and Blackstone Inc. are buying a $525 million minority stake in Dubai-based classifieds company Property Finder, according to a joint statement on Tuesday. This shows that investors are still very interested in Dubai’s real estate market.
As part of the deal, General Atlantic, which has supported Property Finder since 2018, is partly selling its stake but will still keep a significant minority share.
The deal will give Property Finder the support and expertise of Permira, Blackstone, and General Atlantic as it grows its platform and expands in the Middle East and North Africa real estate market, the companies said.
The companies did not reveal the full value of the deal, which still needs the usual regulatory approvals.
This is Permira’s first investment in the Middle East, coming just a few months after it opened an office in Dubai’s financial district.
More global private equity firms are setting up in the Gulf region to work closely with sovereign wealth funds and take advantage of more investment opportunities in the area.
Founded nearly 20 years ago, Property Finder is one of the top real estate classifieds platforms in the region, competing with sites like Dubizzle and Bayut.
Last year, Francisco Partners provided $90 million in debt to help Property Finder buy out its first institutional investor. Since then, the company has grown across the region and is now looking at opportunities in Saudi Arabia and Turkey.
Dubai, the Gulf’s main business and tourism hub, saw a property boom after the pandemic, driven by foreign investment and new residency rules. Residential property prices rose nearly 70% in the four years up to December 2024, according to Knight Frank.
However, the growth may be slowing. In a May report, Fitch Ratings predicted that Dubai’s housing prices could fall by double digits in the second half of 2025 and into 2026.
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